UAE residents have been warned to be alert for phishing emails sent to etisalat by e& customers asking them to click on a link to claim rewards.
“Dear customer, we decided to refund Dh220 for being a loyal member to our programme,” the email states in Arabic.
“You can request to deposit the money to your card by clicking on the link.”
One user, Mahmoud Al Sahlawi, tweeted the company with a screenshot of the email, asking for verification.
“Is this a new scam? Please reply Etisalat,” he tweeted.
Other customers also tweeted about receiving a suspicious email containing etisalat by e&'s old logo.
The telecoms company urged all customers to exercise caution and be vigilant when dealing with unsolicited emails or messages claiming to be from the company.
“Please don't click on any link and forward the email to documents@eand.com for an action,” etisalat by e& replied on Twitter.
Phishing emails are used by fraudsters to dupe people out of money or personal information.
According to the company website, customers should look for the telltale signs of phishing attempts, such as grammatical errors, unfamiliar sender email addresses and unsolicited messages from unknown sources.
If any email or message raises suspicion, customers are encouraged to contact Etisalat's official customer support channels to verify its authenticity.
How to identify fraudulent emails
According to etisalat by e&, there are a number of ways you can protect yourself from fraudulent emails.
Verify the sender by opening the sender's email address and checking that it is both from xxx@etisalat.ae and is spelt correctly.
Check the email format for errors and make sure it looks similar to other emails from etisalat by e&.
Do not click a link without hovering over it and verifying it is registered with etisalat by e&. Do not download or run any software before verifying that the email is from the correct company.
Be on the lookout for urgent or emotional requests, as fraudsters will use the subject and the body of the email to create a sense of urgency.
Earlier this year, the UAE's telecoms watchdog warned consumers to be on alert for unexpected SMS messages that appear to be from well-known courier companies, as they could also be a phishing scam.
Cybercriminals attempted to entice users to click on a link leading them to a site where they are asked to submit personal information, said the Telecommunications and Digital Government Regulatory Authority.
This is then used to steal the consumer's money or identity.
These phishing attempts often purport to be from major postal and courier companies and ask recipients to click on a link to pay delivery fees or track a delivery.
Dubai Police told The National anyone who falls prey to scammers should report the incident through E-crime platform by Dubai Police.
“Always remember not to share your bank details through the phone call or online,” said Brig Saeed Al Hajri, director of Cybercrime department at Dubai Police.
“We've highlighted the cybercrime issue from the early stages. Cybercrime is constantly evolving, especially in light of the rapidly advancing technology which helps to commit crimes from overseas.
“Fraudsters will be jailed for at least one year and fined between Dh250,000 ($68,000) to Dh1 million if they commit such fraud, as per UAE laws.”
E-crime platforms were used by 25,841 people to report cybercrimes in the country in 2021.
“The e-crime platform has significantly helped curb cybercrime and detect new methods of scamming people. It is easy to use,” Brig Al Hajri said.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
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The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
The years Ramadan fell in May
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
Juventus v Napoli, Sunday, 10.45pm (UAE)
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